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EuropealsocrimpsAsiathroughitsbanks。

Theseprovide36%oftradefinanceinAsiaandtheyareretreatingamidjittersovertheirexposuretoindebtedstatesandbanks。

“Alackofcreditishittingateconomicgrowthandjobcreation,”saysStevenBeckoftheAsianDevelopmentBank(ADB)。

TheADBoffersatrade-financeprogrammetocoverrisksthatotherbanksareunwillingtotake,saysKathyChuinTheWallStreetJournal。

Demandforthisprogrammehassoaredbymorethan50%sofarthisyear,comparedtothesameperiodin2011。

ThereseemslittleprospectofamajorimprovementinAsianequities’prospects。

Europejustgetsworse,whilethereisscantscopeforamajorstimulusinChinaas“theeconomystillhasahangoverfromthelastblowout”,saysTheWallStreetJournal。

Theexcessiveinvestmentinindustrialcapacityandrealestateiscomingonlineandbaddebtsarepilingup。

Credithasbeenloosened,butdemandfellinApril:firmsdon’twanttoborrow“whentheyarealreadyhavingtroublemakingprofits”。

WhilemostAsianeconomiesstilldependonexports,theirstockmarketscan’tshakeoffdeveloped-worldinfluenceseither。

Emergingmarketsareseenasagearedplayonglobalgrowth,sotheyarehighlyvulnerabletofluctuationsinriskappetite。

“IfpeoplearepositiveaboutEuropeandtheUS,theywillbuyevenmoreintheemergingworld,”saysJohnAuthersintheFT。

“IftheyareworriedabouttheWest,theywillsellemergingmarketsevenmore。



TheMSCIindexofdeveloped-worldstockshasoutperformeditsemerging-marketscounterpartsince2009,apatternthathadheldbeforethecreditcrunchtoo。

Sotreattalkofdevelopingeconomiesorstocks“decoupling”withscepticism。

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